Shell, Escort Yamaha among 29 FDI proposals cleared

By Our Special Correspondent

NEW DELHI, JUNE 6. The Government today cleared 29 foreign investment proposals worth Rs. 588 crores including Shell India's Rs. 332 crore project for an LNG import and regasification terminal.

The proposals were approved by the Union Commerce and Industry Minister, Mr. Murasoli Maran, on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB).

Other proposals given the green signal were that of Escort Yamaha's Motor Company and the Italian auto company, Piaggio. Both companies sought to raise the equity stake in their Indian partners.

The projects approved today were in the areas of automobile and automobile accessories, chemicals and LNG terminals.

The Escort Yamaha Motor Company's proposal to acquire 26 per cent stake from its Indian partner entails an additional inflow of Rs. 120 crores, according to an official release.

Piaggio also sought clearance to invest Rs. 16.66 crores by hiking equity stake participation from 36 per cent to 85 per cent.

Other major proposals cleared include Float Glass India's project envisaging an investment of Rs. 26.29 crores for manufacture of float glass.

Akzo Nobel Chemicals International was also given permission to raise the foreign equity stake from 74.98 to 100 per cent by investing Rs. 24.52 crores.

Dabon International was similarly given approval to expand its activities to new products in the cheese and milk category while EI Dupont India was allowed to expand its activity in the area of engineering polymers. Neither involved any fresh inflow of investment.

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Section  : Business
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